MASHAAL is a story about Vinod (Dilip Kumar) an honest fearless and crusading editor of an outspoken newspaper, who has vowed to eradicate the evils of illicit liquor, bootlegging and organized crime from his city. It is story of Raja (Anil Kapoor), a young man from the slums who inevitably takes to bootlegging and black marketing to make his living. MASHAAL also tells the story of Vardhan (Amrish Puri) who is a powerful wealthy and respected figure of the city whose cloak of respectability hid all the social evils and crimes which flourished beneath. Also, how a chain of events change the lives of Raja, from a black marketer in to a young crusading journalist under the guidance of his now Godfather Vinod and how Vinod's life changes from an honest newspaper editor to becoming an underworld Don and a Racketeer, in order to combat the person responsible for his destruction - Vardhan. Raja and Vinod are now on opposite side and despite every effort on Raja's part, Vinod cannot go back to his old life - He has reached a point of no retreat... But Vinod has passed on the Torch to Gen Next and Raja must continue the crusade.